Indian exporters outperform global peers despite geopolitical headwinds: Finance Minister
New Delhi [India], 24 June (ANI): Finance Minister Nirmala Sitharaman on Monday lauded the resilience of Indian exporters, highlighting that the country's export growth of 6.3 per cent has significantly outpaced the global average of 4 per cent despite an increasingly complex geopolitical landscape.
Speaking at the India Exim Bank Trade Conclave, Sitharaman emphasised that Indian exporters have demonstrated remarkable adaptability and innovation in navigating multiple global crises that have disrupted international trade flows.
'Despite the complex geopolitical situation, Indian exporters are doing well,' the Finance Minister said, noting that India's export performance has been particularly impressive given the challenging global environment.The Finance Minister acknowledged that global challenges have only intensified in recent years, with external pressures mounting on international trade. She pointed to a series of geopolitical conflicts that have severely disrupted global commerce, including the ongoing Russia-Ukraine war and the Israel-Gaza conflict.
'In the last few years, global growth and trade have all suffered. There was the Russia-Ukraine war, then it was Israel-Gaza. Every year we've had one or the other serious challenge to do with trade,' Sitharaman observed.
These successive crises have created an environment where 'the world seems not favourable for export,' making India's export performance all the more remarkable.Despite these headwinds, Sitharaman identified three standout qualities that have enabled Indian exporters to thrive in difficult circumstances.
First, she noted that Indian exports are 'growing and growing significantly,' demonstrating consistent expansion even as global trade faces headwinds.
Second, Indian exporters have evolved beyond traditional commodity exports, increasingly focusing on 'technology-infused high-end products' across diverse sectors, including pharmaceuticals, IT-related services, and automobiles.
'India is not just about exporting raw foods or commodities. It is exporting today well-engineered products which meet high standards,' the Finance Minister emphasised.
The third quality involves the strategic diversification of export destinations, with Indian companies actively seeking new markets and opportunities rather than relying on traditional trading partners.The Finance Minister's remarks underscore a significant transformation in India's export profile, moving away from low-value commodities toward sophisticated, technology-driven products. This shift has positioned Indian exporters to compete more effectively in global markets and command better prices for their products.
The emphasis on pharmaceuticals, IT services, and automotive exports reflects India's growing capabilities in high-skill, high-value manufacturing and services sectors.
Recognising the challenges posed by the unfavourable global export environment, Sitharaman stressed the importance of supporting small and medium enterprises (SMEs) entering the export sector.
'Outside, we find the challenges are there, and therefore every encouragement given for those small and medium units which are coming up in the export area will be of immense benefit,' she said.
Going further, the Finance Minister added that in the FY 2024-25, India's total exports reached an all-time high of USD 825 billion, achieving 6 per cent growth over the previous year, and a significant leap from USD 466 billion in 2013-14.
While global exports grew by around 4 per cent, India's exports expanded at a faster pace of 6.3 per cent, she added. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
18 minutes ago
- Time of India
Suntory looks for a high with Imperial Blue buy
Japanese alcobev giant Suntory has revived plans to acquire the Imperial Blue whiskey brand in India from France's Pernod Ricard , said people in the know, sensing rival Tilaknagar Industries ' continued struggle to raise funds. Imperial Blue is the third-largest whiskey brand in the country though sales have lagged in recent years as many Indian consumers moved to upgrade to premium brands over mass or prestige offerings. The proposed sale is part of a broader global restructuring exercise initiated by Pernod Ricard—the owner of best-selling brands like Absolut vodka and Jameson whiskey—since last year. This includes a portfolio reshuffle, job cuts, and splitting its global brands into two blocks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was The Dream Girl In The 80s, This Is Her Recently Learn More Undo Suntory, the world's third-largest spirits maker after Diageo and Pernod Ricard, had last year pursued the acquisition but eventually dropped its plans due to the high valuation of $1 billion for Imperial Blue. Live Events The sale exercise, managed by Goldman Sachs, has seen a lukewarm response so far with two contenders – entrepreneur Ravi Deol-led Inbrew Beverages, and Tilaknagar Industries – making offers that were far below the ask. After a hiatus, the divestment process is believed to have resumed in recent weeks. Binding offers are due in the next 10 days, said the people cited above. Pernod has cut its demand for Imperial Blue and is believed to be currently seeking $600-$650 million for the brand. That too has faced a lukewarm response. 'This is a carve-out with no plants, organisation or distribution. To expect public market valuations is futile,' said an industry player who evaluated the prospects but opted out. Suntory Global Spirits said as a matter of policy, it does not comment on speculation. "Pernod Ricard regularly reviews strategic options for its development, including its brand / business portfolio. As a matter of policy, the company does not comment on market rumours or speculations," a Pernod Ricard spokeswoman said. Imperial Blue operates in the 78-million-case per year deluxe whiskey category, a bridge between the mass and premium segments. It sold 22.2 million cases in 2024, a meagre 0.5% from the year before. A blend of Indian grain spirits and imported Scotch malts, the brand was launched in India in 1997 by Seagram, which was acquired by Pernod in 2002. With a market share of 8.6%, Imperial Blue trails McDowell's and Royal Stag in 2024, as per latest IWSR report. For Pernod, it accounts for a third of its total whiskey sales in the country even though sales have been declining steadily over the past few years, falling 4% between 2019 and 2024. 'Tilaknagar's market cap is almost at par with what Pernod expects from the Imperial Blue sale,' said an industry official. ET reported in its June 19 edition that the maker of Mansion House and Courrier Napoleon brandy brands is looking to raise up to $500 million to fund the potential acquisition and had mandated Kotak Mahindra Bank and Avendus to raise rupee-based financing in the form of non-convertible debentures (NCDs). 'The challenge for Tilaknagar has been its long-lasting legal tussle with Allied Blenders over the trademark use of Mansion House. Raising financing therefore, may not be that simple,' the official said. With annual sales of 260 million cases in 2024, India is the largest whiskey market in the world by volume. Suntory dominates the Japanese whisky segment in India, with about 95% share, through brands such as The Yamazaki and Hibiki besides owning Teacher's, the fifth-largest scotch brand in India. The company behind Jim Beam also controls 44% of the American whiskey category. Suntory's unlisted Indian arm Beam Global, maker of Teacher's, Hibiki and Roku gin, saw 12% sales growth to Rs 1,304 crore in FY24. Over the past few years, the company has launched India-made whisky Oaksmith, Japanese whiskies The Yamazaki and Hibiki, Japanese gin Roku, as well as Toki whisky. Parent Suntory Holdings aims to touch $1 billion in annual revenue in India by 2030. It operates its own manufacturing plant in Rajasthan and four third-party bottling units in Goa, Maharashtra, Madhya Pradesh and Telangana. Last June, Suntory Holdings set up another local unit, Suntory India to explore potential expansion opportunities for the group in the country, mainly for its soft-drinks and wellness brands. Last year, Pernod Ricard had also agreed to sell the bulk of its international wine portfolio to the owner of Australia's Accolade Wines, allowing it to shed the bulk of its worst-performing division to focus on premium spirits and champagne. The French drinks maker offloaded popular supermarket brands such as Jacob's Creek, Campo Viejo and St Hugo to Australian Wine Holdco Ltd, a consortium of investors, and several other vineyards for an undisclosed sum. In June 2025, it announced dividing its portfolio into two units. The first will include its whiskey, champagne and cognac; the second will include other spirits and aperitifs. ET Insight: With annual sales of 260 million cases in 2024, India is the largest whiskey market in the world by volume
Time of India
28 minutes ago
- Time of India
Indian students bare their digital souls to win US visas
New Delhi: If you want to study in the land of the brave, and the home of the free, forgo your (social media) privacy. And most Indian students applying for US colleges are willing to make their social media accounts public to fulfil their dreams to study in the US, experts say. This will impact them as most are on at least one of the social media platforms like X, Instagram, TikTok, or Linkedin. According to the US embassy's X post on Monday, Indian students applying for visas to study in US colleges will now have to make their social media accounts public by changing the privacy settings. Making the social media accounts public is one of the measures among many, either introduced or reinforced, in the last few months impacting Indian students either studying or considering studying in the US. These restrictions include further tightening of student visa rules; heightened scrutiny of students' records, including social media posts; student and exchange visitor information system (SEVIS) record glitches; and increased scrutiny at ports of entry. (Join our ETNRI WhatsApp channel for all the latest updates) Over 95% of students enrolled with IDP (a study abroad platform) are fine making their social media profiles public. "Rest 4-5% are considering going to other countries like the UK, Canada and Australia," said Piyush Kumar, regional director, South Asia, Canada and Latin America, IDP. Live Events F-1 is a student visa to study in an accredited US college, J-1 is an exchange visa for participation in an exchange programme, while M-1 is student visa for non-academic or vocational study or training in the United States. Students with strong intent to study in the US are not changing their plans due to social media vetting, experts said. Students have been required to provide their social media account details in visa applications for several years now. "But for the first time, they (students) are being asked to make their profile settings 'Public'," said Kumar. "Effective immediately, all individuals applying for an F, M, or J non-immigrant visa are requested to adjust the privacy settings on all their social media accounts to public to facilitate vetting necessary to establish their identity and admissibility to the United States under US law," stated the US Embassy post. "I've worked so hard on my profile - academics, research, community work - but now I have to audit every tweet and post I've ever made," one such student applying for a Master of Science to UC Berkeley (Fall 2025) told ET. "Though it feels like I'm being judged for more than my merit, still I'm not giving up. I'll do whatever it takes to achieve my dream to study in the US." "We have not seen and do not believe that this will reduce the interest of students going to the US," said Rajneesh Pathak, founder of immigration and investment advisory firm, Global North Residency and Citizenship. He added that no other country has asked for this. "But usually all countries independently do a 'World Check' which includes social media and the internet," Pathak said. According to Adarsh Khandelwal, co-founder, Collegify, the US is no longer just reviewing your application - "it's reviewing you. Other countries might assess risk, but none require digital transparency at this level," said Khandelwal. Nevertheless, many students have started cleaning up their digital footprint like never before.
Time of India
29 minutes ago
- Time of India
Tembo Defence plans to make 1911 .45 caliber pistol and ammo
Nagpur: Tembo Defence, the company that was allotted 100 acres of land in Amravati by the Maharashtra Industries Development Corporation (MIDC), plans to make '1911 .45 calibre' pistols and ammunition. The plant at Amravati may also make ammunition for semi-automatic handguns. The pistol would be made using Austrian technology. Tembo Defence, which is a subsidiary of Tembo Global, will be one more entrant into this segment. The .45 calibre was brought under the non-prohibited category around eight years ago. Now, private individuals can purchase the weapon after getting an arms licence. This led to other private players starting manufacturing the weapons too, said sources among licensed arms dealers. Responding to TOI queries, company managing director Sanjay Patel said, "We are setting up a dedicated facility at Amravati, which will serve as a hub for precision manufacturing. We are also exploring additional locations across India to scale up our defence capacity. The company has signed a memorandum of understanding to secure Austrian technology for small arms." You Can Also Check: Nagpur AQI | Weather in Nagpur | Bank Holidays in Nagpur | Public Holidays in Nagpur Patel said Tembo Defence plans to commission the Amravati facility within 12 to 15 months of getting the regulatory approvals. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The company is also looking for strategic partnerships and institutional funding if needed for the project, apart from depending on internal accruals. The company is eyeing demand from armed forces, paramilitary, state police, and private security agencies. Even as the arms will be tailored to Indian operational needs, the company is also eyeing export markets. Sources said the .45 calibre guns of other manufacturers are available in the licensed arms dealers' outlets. The .45 calibre guns are known for their power and are used by law enforcement agencies abroad.
